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1611
22.05.2020
its inflation forecast for the year-end of about 3.8–4.8%. The recent two weeks recorded zero inflation. Do you confirm the inflation forecast
policy report 2. Inflation
16 No. 2 (30) · April 2020 and inflation expectations
In February 2020, annual inflation continued
INFLATION AND CORE INFLATION Chart 2.
range of banks. Given that accompanied by a weaker outflow of foreign
inflation will stabilise at a steadily low level, real currency deposits compared to
IN INFLATION DUE TO PRICE CHANGES BY GROUP Table 5
OF GOODS AND SERVICES, YEAR-TO-DATE
(PERCENTAGE POINTS)
Food1 Non-food Services Fruit Inflation for Core inflation
1615
18.05.2020
Price growth accelerates in April, driven by temporary factors
18 May 2020
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Annual inflation went up 0.6 pp to
an inflation
rate of 4%, % MoM
Source: Rosstat. Source: Rosstat, R&F Department estimates.
Figure 3. Seasonally adjusted inflation, % MoM Figure 4. Modified core inflation
was caused, inter alia, by the impact of local
INFLATION, CORE INFLATION, AND AVERAGE ANNUAL INFLATION* Chart 6
(GROWTH AS A PERCENTAGE OF CORRESPONDING MONTH
Securities are the Bank of Russia’s investments in the achieving the inflation target. The key rate is set by the Bank
debt securities of
1619
14.05.2020
market development.
Inflation slowed down in the course of the year, enabling the Bank of Russia to reduce its key rate; annual inflation totalled 3
agricultural output in April, which will continue
10 40 to limit food inflation.
5 20
0 0
-5 -20
Investment activity
-10 -40 March saw